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Calpers chief executive mulls quitting

Fred Buenrostro, chief executive of the California Public Employees' Retirement System, is considering leaving the largest US public pension fund by the end of the year amid tensions with the board, sources said.

It is understood that the board, led by president Rob Feckner, is engaged in negotiations with Buenrostro about his departure. Buenrostro has been in the job since 2002 and was a member of the board of directors for 15 years.

The move comes as Calpers continues to debate internally over its future investments in infrastructure projects. It is believed that the pension fund - which has invested about 2.5% of assets, or $6bn (â‚¬3.8bn), for infrastructure, such as roads, bridges and power plants - has put fresh allocations on hold until a policy requiring union employees to work on the projects is adopted. At least four of the 13 board members are in favour of the policy.